A Batch Of Relentless Firsts
Relentless RoundUp – April First Edition
The pandemic has played tricks on our sense of time. On our sense of what is safe, what is normal and what is predictable. While we can’t jump to the left, and step to the right to enter a collective time warp that takes us back to pre-pandemic, we most certainly can focus on the positives and move forward. Let’s start with the sun is up earlier. And at least in Vancouver, daffodils are everywhere, and cherry blossoms are bursting!
In the 2020 Annual Report for the Relentless Venture Fund we took time to celebrate the global accomplishment of vaccine development. We should all be pausing to celebrate the resounding success and international coordination that catalyzed expedited approval. Full stop.
Another cause for celebration? Shelter-in-place restrictions triggered by the insidious virus expedited the introduction of telehealth regulatory codes well in advance of 2062. We are not yet living in the futuristic utopia of ‘The Jetsons’ where George and his cartoon family all had smartwatches, 3D printed their food and simply pushed a button for an at home doctor’s video chat. Wait. Yes, we are. All of this is happening. Telehealth adoption is finally here, four decades ahead of schedule. And I assume that most families have had their first telehealth experience in the past year.
Speaking of firsts, time to highlight a batch of Relentless portfolio achievements from the past few months.
First Exit via M&A
A short thirteen months from investment to exit, our mental health portfolio company Snapclarity was snapped up by CloudMD (TSXV:DOC) – a perfectly timed opportunity to combine resources and meet escalating demand for mental health care triggered by the pandemic. And on a performance note, our Snapclarity exit delivered an IRR of greater than 40% at closing.
First Direct Public Listing
At the peak of the pandemic, Newtopia (TSXV:NEWU) had a successful direct listing on the TSX Venture Exchange. As we now know, pre-existing health risks such as diabetes and obesity have a devastating impact on the determination of Covid-19 outcomes. Newtopia CEO Jeff Ruby stated, “Newtopia was born out of the need to re-think preventative healthcare and inspire individuals to live healthier every day…Covid-19 has shown us that it’s time for us all to get on the front foot for what comes next for the health of every individual on the planet.”
First De Novo 510k Filing
The Canary Medical team has been working for close to a decade leading to the moment of filing more than 7,500 pages with the FDA to support approval and launch of the “Canturio™ TE. We couldn’t be more excited about the first smart orthopedic that is about to hit the global stage.
First Batch of Masks
Orpyx Medical shipped their first order for millions of masks. Last check, they have delivered more than 25 million medical grade masks to Alberta Health Services since their partnership announcement last September.
First 3D Printed Beta Cells In Vivo Data Set
All that I can say at this time is the results are looking rather stunning at Aspect Biosystems. Early days for the 3D printing of insulin-producing beta cells, but spectacular initial results tracking towards the ultimate development of a pancreatic patch for Type-1 diabetics.
First . . . Second, Third, Fourth, Fifth and Sixth Research Note
You know you have something special when Wall Street analysts are tripping over covering your story while still a private company. The first report published about Canary Medical was by Wells Fargo Securities following an earnings report in November by Canary’s strategic partner, Zimmer Biomet. Sticking with a theme of firsts, it was the first public mention of the partnership, by name vs inference.
“Zimmer Biomet Holdings (ZBH) highlighted on its Q3 earnings call on 11/6 an exclusive relationship with Canary Medical to integrate Canary’s smart sensor technology with ZBH’s leading PERSONA total knee implant to create the Persona IQ, the world’s first smart orthopedic implant … We believe PERSONA IQ represents a significant commercial opportunity for ZBH because it can drive (a) a mix benefit, (b) share capture, and (c) ongoing revenue from patient monitoring fees.” Wells Fargo
First Fun Fact for Inspiration
We all need to tackle Social Isolation and Loneliness. New restrictions in effect today, underscore the importance of being proactive with our community. So here is one idea I hope others will copy.
While many of my peers are all set up for professional grade podcasting and a growing number are dabbling with the new format offered by Clubhouse, I have created a unique form of hybrid entertainment. It is a mix of podcast, audio book, social media and good old-fashioned friends and family gathering on a Sunday night. It is called “Sunday Stories with Brenda”. Using Facebook’s live streaming tool and pulling from my library of vintage books, I read to family and friends. That’s it. The first few weeks I read from a collection of short stories and news events from a book published in 1894. My original objective was to provide something for my Dad and at least one of his Facebook friends to look forward to, virtually and literally, every weekend. It turns out the format is very popular with my aunts, cousins and my Dad’s cousins, aka my second cousins!
Bonus
Another idea remixed - merging traditional recreation with modern chill out. Book a puzzling meetup. Zoom (or whatever works for your crew), everyone has their own puzzle. Collectively lament about lack of progress. Chit chat about puzzle strategy. Border or color blocking first?
Please share ideas to tackle loneliness. It too persists.
And on the topic of sharing, send me a note if you want to learn first-hand what we have brewing for 2021. Let’s keep in touch!
Brenda